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Varun Beverages Ltd to acquire 20% of Lunarmech Technologies Pvt Ltd

Posted On: 2019-09-09 22:16:15

The Investment and Borrowing Committee of Board of Directors of Varun Beverages Ltd at its meeting held today (started at 10:45 A.M. and concluded at 11:15 A.M.] considered and approved to acquire 20% of the issued and paid-up Equity Share Capital of Lunarmech Technologies Private Limited.

Lunarmech Technologies Private Limited (hereinafter referred as 'Lunarmech'). The paid up Equity Share Capital of Lunarmech as at March 31, 2019 is Rs. 1.00. 00.000 (Rupees One Crore Only) i.e. 10.00. 000 (Ten lacs) equity shares of Rs. 10 (Rupees Ten) each. Turnover of Lunarmech for the year ended March 31, 2019 is Rs. 77,54,69,070 (Rupees Seventy Seven Crores Fifty Four Lacs Sixty Nine Thousand Seventy Only).

The transaction is a related party transaction. The cost of acquisition is Rs. 15,00,00,000 (Rupees Fifteen Crores Only).

Lunarmech is carrying on the business of manufacturers, processors, buyers, sellers, importers, exporters or otherwise deal in all kinds of pet bottle caps and crown caps.

The Company holds 47.30% Equity Share Capital in Angelica Technologies Private Limited which holds 74% Equity Share Capital in Lunarmech. Post-acquisition, the Company will hold 55% of the effective Equity Share Capital of Lunarmech.

Shares of Varun Beverages Ltd was last trading in BSE at Rs.625.85 as compared to the previous close of Rs. 631.55. The total number of shares traded during the day was 4066 in over 376 trades.

The stock hit an intraday high of Rs. 630 and intraday low of 608. The net turnover during the day was Rs. 2523014.

Source: Equity Bulls

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